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Terry O’Connor to step down as Courts Asia CEO from July 1
LONG-TIME head honcho of Courts Asia, Terry O'Connor, will step down as group CEO with effect from July 1 and become an executive adviser, the company announced on Thursday. He has also resigned from the firm's board.
Following the buyout of Courts by Japanese electronics retailer Nojima Corp, Mr O'Connor "expressed his desire to relinquish operational responsibilities and support the group in an advisory capacity", Courts said in a press release.
Courts is now in the "advanced stages" of hiring a new group CEO. The firm was delisted from the mainboard of the Singapore Exchange in May, after Nojima completed its buyout.
As executive adviser, Mr O'Connor will oversee stakeholder relationship management and the ongoing integration process.
Under Mr O'Connor's 20 years of leadership, Courts has entered omnichannel retailing, transformed offline stores into experience centres for consumers and expanded into Malaysia and Indonesia, the company noted in the release.
"I am privileged to have led a wonderful team at Courts in Singapore, then Asia, through a period of transformation and growth. We have achieved many milestones together and I feel extremely proud of leading such a talented team," Mr O'Connor said.
"Having facilitated the ownership change for Courts from Courts Plc in 2004 to private equity owners and now to Nojima Corporation, a long-term strategic investor, it is an opportune time for me to transition into a different role with the company," he added.